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Tuesday, October 09, 2007

UCO Bank plans follow-on public issue by Q1FY09

UCO Bank plans to come out with a follow-on public issue by the first quarter of 2008-09 (Apr-Mar), Chairman and Managing Director S.K. Goel said today. "Once we get government approval for capital restructuring, we plan to come out with a follow-on pubic issue," Goel told reporters on the sidelines of an industry function, according to NW18.

UCO Bank has sought permission to convert equity capital worth Rs 300 crore to preference capital. The state-run bank plans to raise up to Rs 250 crore via the follow-on issue, Goel said. The government stake in the bank is seen down to 56% from 75%.

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